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Nexo Bitcoin Withdrawals Surge Following Raid of Bulgarian Offices – Bitcoin News

Nexo Bitcoin Withdrawals Surge Following Raid of Bulgarian Offices – Bitcoin News

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After crypto lender Nexo’s offices were raided in Bulgaria, the digital currency lending platform experienced a significant number of withdrawals starting on January 12, 2023. An archived snapshot of Nexo’s live certificate shows that the company held 133,263 bitcoins on that date. As of January 13, 2023, Nexo’s certificate shows that the company now holds 124,939 bitcoins, with $157.21 million worth of bitcoins withdrawn in the last 24 hours.

Customers withdraw $157 million worth of Bitcoin from Nexo’s platform in 24 hours

Last year, several exchanges experienced pull tests, and after Thursday’s raid on Nexo’s offices, the crypto lender is dealing with similar issues. On January 12, 2023, reports revealed that Nexo was being investigated by the Bulgarian Attorney General and about 300 investigators from various agencies. The company is accused of violating tax requirements, participating in money laundering and circumventing economic sanctions related to the Russian Federation.

Nexo’s real-time proof site.

Nexo has denied any wrongdoing and immediately released a statement to the community on Twitter saying that the company follows “very strict anti-money laundering and ‘know your customer’” policies. Since the incident, the company has seen withdrawals according to its real-time evidence networks. For example, on January 3, 2023, Nexo had approximately 134 203 bitcoins worth $2.5 billion at current BTC exchange rates As of January 12, 2023, the crypto lender’s BTC deposit had dropped to 133,263 bitcoins.

Twenty-four hours later, on Friday, January 13, 2023, Nexon’s BTC inventory had dropped by 8,324 BTC to its current level of 124,939 BTC. This means that at current BTC exchange rates, $157.21 million was removed from Nexo’s bitcoin cache. Nexo’s withdrawals follow several other exchanges that have experienced large withdrawals in a short period of time. After the collapse of FTX, users withdrew a significant amount of digital assets from exchanges such as Binance, Kucoin and Crypto.com.

It’s unclear what’s going on with the Nexo case in Bulgaria, but based on withdrawals over the past day, it seems customers are worried. When you talk to the editor of The Block Yogita KhatriFounder of Nexo Antony Trenchev said the withdrawals represented just two percent of the company’s assets under management (AUM). “Nexo can confirm that all systems are operational and everything is processed in real time as always,” Trenchev told Khatri on Friday. “Activity is orders of magnitude lower than after Celsius and FTX,” the Nexo executive added.

Tags in this story

Activity, Assets, Attorney General, Bitcoin, Bulgaria, Bulgarian Offices, Bulgaria Raid, Concern, Cryptolender, Cryptolenders, Customers, Ban, Exchanges, Enforcement, Financial Sanctions, Investigation, Magnitude, Control, Money Laundering, Nexo, Post-Celsius, Post-FTX, processing, Raid, real-time, real-time certificate, Russian Federation, Sofia Raid, stress test, systems, tax violation, revocation

What do you think about the recent Nexo withdrawal and the ongoing investigation in Bulgaria? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the news director of Bitcoin.com News and a financial technology reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols appearing today.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons, Editorial image: FellowNeko / Shutterstock.com

Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.



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